Tonopah Solar Energy LLC

Company Profile

TSE owns and operates a utility-scale concentrated solar power plant with net capacity of 110 MW and integrated molten salt thermal energy storage. Located in Nye County, Nevada, the plant spans over 2,100 acres of leased federal land and includes dedicated transmission infrastructure and secured water rights. The facility uses thousands of heliostats to focus sunlight on a central receiver tower, where molten salt is heated to generate steam that drives a conventional turbine. This fully integrated thermal storage system enables up to 10 hours of electricity generation without sunlight, supporting consistent and dispatchable energy delivery.  The plant is one of the world’s largest concentrated solar power projects.

Situation

Although the business plan was comprehensive and the project raised significant capital from sophisticated investors, the Company faced multiple challenges in the development and operation of the plant. A catastrophic hot salt tank leak and termination of its long-term power purchase agreement (“PPA”) led the Company to file for Chapter 11 bankruptcy in July 2020. TSE emerged from bankruptcy under new ownership and entered into multiple short-term offtake agreements from June 2021 through December 2024, but it was never able to reach full capacity. The plant did not deliver energy from January 2025 through May 2025 due to the absence of a PPA and ultimately faced liquidity pressures and uncertainty around long-term offtake partnerships. As a result of these challenges, TSE filed for relief under Chapter 11 of the United States Bankruptcy Code in January 2026 to effectuate a sale of its assets.

Solution

SSG was retained in May 2025 to explore the Company’s strategic alternatives. SSG launched a comprehensive marketing process that attracted interest from numerous domestic and international buyers. After extensive marketing and negotiations with several interested parties, the Stalking Horse Bid submitted by SOLC was determined to be the highest and best offer for substantially all the Company’s assets. SSG’s extensive Chapter 11 transaction experience and industry knowledge enabled the Company to maximize the value of its assets for the benefit of stakeholders and navigate a series of complex governmental and regulatory approvals.